OSAKA, Japan--Matsushita Electric Industrial Co. here today outlined plans to reshapes its business culture while restructuring its businesses for stronger growth in the decade. The three-year "Value Creation 21" initiative sets Matsushita's top priorities as being in television and mobile communications applications, and it plans to expand these segments with advances in integrated circuits, data storage devices, and displays.

Matsushita also set a corporate target of reaching ¥9 trillion ($81 billion) in the company's fiscal 2004 year, which ends March 31, 2004. The revenue target is 23.3% higher than Matsushita's net sales in fiscal 2000, ended last March 31. The company said it has targeted operating profits at 5% of sales.

The Japanese electronics giant is aiming to reinvent itself as a new manufacturer--in fact as a "super manufacturer," said Kunio Nakamura, president of Matsushita. He described the task ahead in two works: "deconstruct" and "create." Matsushita's president wants his company to discontinue systems and corporate culture that succeeded in the 20th century but now is outdated. He wants to create a new management system focused on accelerated growth and adding value for customers.

To do that, Nakamura said Matsushita will do away with its current structure of development, manufacturing, and marketing in each of its separate divisions. Manufacturing centers will be formed to serve three consolidated groups: Consumer, Industrial, and Components (which includes semiconductors). The company has four segments now: Audio Visual and Communications Networks (AVC Networks), Home Appliances, Industrial Equipment, and Component and Devices.

Matsushita said the Value Creation 21 plan will include realignment and reducing the number of products produced as well as re-evaluating business with accumulated losses or low profitability. No details were provided on what product areas might undergo review in this process. The company said its goal is to become a manufacturer "with the ability to produce and supply unique high-integration devices and modules and to operate at a technologically unmatched level of assembly beyond that of normal electronics manufacturing services (EMS) assembler."